Supreme Court’s ruling on Trump’s tariff might seem like a long-due relief.
But an analyst is warning that the absence of tariff revenues might lead to a different consequence.
Matthew Sigel, Head of digital assets research at VanEck, highlighted on X the Bitcoin rally right after the decision. But he warned further,
“In the absence of tariff revenues, money printing and debasement will accelerate.”
Related: Supreme Court’s reversal of Trump’s tariffs could bring policy ‘clarity’
Debasement refers to the reduction in a currency’s value, historically by lowering the precious metal content in coins and today by expanding the money supply through printing or monetary stimulus.
When governments increase supply without matching economic growth, purchasing power declines, effectively diluting existing holders.
Bitcoin is often viewed as a hedge against debasement because its supply is capped at 21 million coins. Unlike fiat currencies, it cannot be printed at will. During periods of aggressive monetary easing or rising inflation, investors may turn to Bitcoin as a store of value, potentially driving demand and price appreciation.
In fact, back in late October 2025, Google searches for “Bitcoin” hit an all-time high. At the same time, searches for “dollar debasement” also spiked. People weren’t just casually browsing. They were worried.
Concerns were building that the U.S. dollar was losing value as the national debt crossed $38 trillion for the first time. That milestone seemed to reignite the debate around money printing, deficits and long-term purchasing power.
Bitcoin responded almost instantly. On Oct. 23, it briefly surged past $110,000 in early trading as investors once again leaned into its “digital gold” narrative, a hedge against economic uncertainty.
But that was months ago.
Today, the mood looks very different. Bitcoin is hovering around $67,000, roughly 64% below that October peak.
Pretty well, actually.
For months, markets had been pricing in the potential outcome of the tariffs ruling, adjusting positions and volatility along the way. So when the decision finally landed, it felt more like a breath of fresh air.
The S&P 500 edged up 0.18%. The Dow Jones Industrial Average slipped 0.19% on paper, but that doesn’t tell the full story. It actually climbed 93.81 points, or 0.2%, reversing a 200-point drop earlier in the day that was triggered by weaker-than-expected economic data. Meanwhile, the Nasdaq Composite gained 0.45%.
